Pontiac Land Group of Singapore, a privately held luxury property developer and hotel owner, has joined Hines, an international real estate firm and the Goldman Sachs Real Estate Principal Investment Area in the ownership of 53 W. 53rd Street, the iconic residential condominium development to be constructed adjacent to the Museum of Modern Art (MoMA). In addition to their equity investment, Pontiac Land secured USD$860 million of construction financing to be funded by a consortium of leading Southeast Asian banks – DBS Bank Limited, Maybank, Oversea-Chinese Banking Corporation Limited (OCBC) and United Overseas Bank Limited (UOB). UOB is the administration agent for this loan.
The sweeping 72-storey, 750,000-square-foot tower, designed by Pritzker Prize Laureate Jean Nouvel, will house 145 highest-end condominium residences, as well as a 36,000-squarefoot expansion of MoMA’s galleries on the museum’s second, fourth and fifth floors. Hines and Goldman Sachs acquired the 18,000-square-foot site, located between 53rd and 54th streets just west of MoMA, for USD$125 million from the museum in 2007. Following an international architectural competition, Nouvel was selected as the design architect. The tower was originally proposed to be 1,250 feet tall; and, as part of the Special Permit process in 2009, the height was reduced to 1,050 feet. All discretionary approvals necessary to build the project are in place and construction is expected to begin in mid 2014 with initial occupancy in late 2018. Lend Lease has been designated as the general contractor and Corcoran Sunshine Marketing Group will handle the project’s marketing and sales, which are expected to begin in 2014.
The tower will include an extensive package of amenities including breathtaking New York City and Central Park views, spectacular common areas, a high-performance fitness facility including a 75-foot lap pool and full-time concierge service.
“We are delighted to partner with Hines and Goldman Sachs on this landmark project. We have long admired MoMA’s contribution to the city and the world, and we are pleased that this project will expand their galleries and enhance the visitor experience,” commented Kwee Liong Tek, director of Pontiac Land Group and international art collector.
Hines Chairman Gerald D. Hines commented, “Jean Nouvel’s exciting tower will surely become an international design icon, as well as a favorite of New Yorkers. The location deserved a significant piece of skyline sculpture, and this project will deliver. Also, we think it will be a great investment for Hines and our partners, as well as for future homeowners. Pontiac Land is known for superior developments, and we are so happy to partner with them on their inaugural U.S. investment.”
“Pontiac Land’s longstanding partnerships with our local banks have enabled us to participate in this important deal. We are confident in the recovery of the U.S. economy, the largest in the world, and believe in the resilience and potential of the New York property market.
The U.S. will continue to be an investment destination of choice for us, so it was important for our first investment to be stellar,” said Michael Su, CEO of Pontiac Land Group.
“The building’s one-of-a-kind architecture and its privileged proximity to MoMA will
make this development and extremely desirable address,” said Christopher D. Hughes, senior managing director and CEO of Hines’ East Region.
Glenn D. Lowry, MoMA’s director, commented, “The Museum of Modern Art is pleased
to see the tower project moving ahead, and we look forward to working with the Hines team and the museum’s own architects to create new and engaging public spaces in which our visitors will explore modern and contemporary art.”
About Pontiac Land Group
Pontiac Land Group is a leading real estate company with over half a century of expertise and experience in luxury property development. With the engagement of a select team of internationally renowned, Pritzker Prize award-winning architects and designers who share the group’s values and commitment to excellence, Pontiac Land Group comprises commercial, residential, hospitality, retail and medical assets. Strategically located in Singapore’s prime districts, each distinct architectural achievement complements and enriches its living spaces with world-class art collections. The Group’s portfolio includes: five-star hotels The Ritz-Carlton,
Millenia Singapore, Capella Singapore, Conrad Centennial Singapore, Regent Singapore, a Four Seasons Hotel; iconic skyscrapers Millenia Tower and Centennial Tower; luxury residences The Colonnade, Ardmore Residence and HANA; premier retail mall Millenia Walk; as well as the private and exclusive Camden Medical Centre, home to medical and healthcare specialists. The firm recently committed to its first investment in the U.S., 53 W. 53rd Street, a luxury residential tower set to rise next to New York’s world-renowned Museum of Modern Art. Visit www.pontiacland.com for more information.
About Hines
Hines has been active in the tri-state NY/NJ/CT market since 1981, having developed in excess of15 million square feet in the area. The firm’s luxury residential projects in New York include 40 Mercer and One Jackson Square. Hines serves as development consultant for 56 Leonard. Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports
facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 378 properties totaling 151.9 million square feet, which includes 84.3 million square feet for third parties. With offices in 111 cities in 18 countries, and controlled assets valued at approximately $25.2 billion, Hines is one of the largest real estate organizations in the world. Hines is also a world leader in sustainable real estate strategies, with extensive experience in LEED®, ENERGY STAR®, BREEAM, Haute Qualité Environnementale and DGNB green building rating systems. Visit www.hines.com for more information.
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